RBS owner NatWest to quit Ireland and resume dividends after £351m loss

By Scott Reid
Published 19th Feb 2021, 08:34 BST
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NatWest-owned Royal Bank of Scotland has its headquarters and conference facilities at Gogarburn in Edinburgh. Picture: Ian GeorgesonNatWest-owned Royal Bank of Scotland has its headquarters and conference facilities at Gogarburn in Edinburgh. Picture: Ian Georgeson
NatWest-owned Royal Bank of Scotland has its headquarters and conference facilities at Gogarburn in Edinburgh. Picture: Ian Georgeson
Royal Bank of Scotland parent NatWest Group is bringing back its dividend and withdrawing from the Republic of Ireland after revealing a loss for 2020.

The government-backed banking giant is paying out £364 million to shareholders, a year after pausing dividends as the industry regulator asked lenders to hold on to cash for the pandemic.

The bank announced a 3p per share dividend, the maximum allowed under new Prudential Regulation Authority guidance. It means that the Treasury, which remains NatWest’s biggest investor after its financial crisis bailout, will be paid around £225m.

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The group also announced plans to withdraw from the Republic of Ireland, where it runs Ulster Bank.

A review of the Irish bank found that it would not achieve an acceptable level of returns, NatWest said. It will withdraw from the country, trying to keep job losses at a minimum, but Ulster Bank’s operations in Northern Ireland are unaffected.